The rapid expansion of electric vehicle (EV) charging infrastructure in India is poised for significant growth in the coming years, with projections indicating a compound annual growth rate (CAGR) of 44.1% from 2022 to 2030. This surge is seen as essential to support the anticipated 21.4% CAGR increase in the global EV market during the same period. As the adoption of electric vehicles accelerates, the establishment of a comprehensive EV charging network has become a critical priority for the nation.
ChargeZone, a prominent player in the EV charging sector, is undertaking considerable initiatives to foster a cleaner and more sustainable future. Founded seven years ago, the startup is focused on fortifying the country's EV infrastructure, particularly in the realm of rapid-charging solutions. At the 9th edition of the ETAuto EV Conclave 2024, Kartikey Hariyani, the Founder and CEO of ChargeZone and BillionE, stated, “You need to build a charging infrastructure before you bring electric vehicles on the road.” This sentiment underscores the necessity of a robust charging network to facilitate the growing number of electric vehicles on the streets.
ChargeZone offers a diverse array of services tailored to meet the needs of various users, including B2B fleet charging, B2C retail charging, Charging-as-a-Service (CaaS), and Battery-as-a-Service (BaaS). The company's ambitious target includes the installation of 10,000 charging stations throughout India by 2030, concentrating on locations where EV users typically spend around 30 to 40 minutes, such as restaurants and shopping complexes.
A critical aspect of ChargeZone's strategy involves the establishment of supercharging stations, which are equipped with capacities of 180 kilowatts or more. During the conclave, Hariyani noted the importance of these supercharging stations for India's EV ecosystem, citing that “we have commissioned seven different supercharging stations in the country.” These facilities are expected to alleviate concerns about charging accessibility, particularly for long-distance travel, thereby encouraging greater consumer acceptance of electric vehicles.
The initial focus of ChargeZone will be on public mobility solutions, including commercial fleets and shared vehicles, rather than individual private EV ownership. Supporting this expansion, the Indian government has announced plans to deploy 72,300 public charging stations as part of the PM E-DRIVE Scheme, with a substantial financial allocation of INR 2,000 crore directed towards this initiative. This government backing reinforces the significance of a comprehensive charging infrastructure to support the future growth of electric vehicles in India.
Source: Noah Wire Services